UK inflation dips below Bank of England target to 1.7%, opening door for potential interest rate cuts

The latest data shows UK inflation fell to 1.7% in September, significantly lower than both the previous month and analysts' predictions, driven by reduced airfares and fuel prices.

Darren Jones commented on the inflation drop, stating it would be "welcome news for millions of families" while emphasizing the need for ongoing efforts to protect working people.

Chancellor Rachel Reeves may benefit from this sharp decline in inflation as she prepares her first budget, potentially enabling quicker interest rate cuts to address fiscal challenges.

Grant Fitzner remarked on the inflation easing, pointing to lower rates as a significant indicator of economic conditions, amidst competing pressures from rising food prices.

Read at Business Matters